easyMarkets

Potential reversal on USDCAD as it is approaching resistance!

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
Price is approaching our first resistance (horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement) where we might see a drop to our major support at 1.3404 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement).
Stochastic is also approaching resistance where we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.


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